Built in 1974 and initially renovated in 2003, the New OrleansTownhouse style complex comprises 22 two-story dwelling structureson 8.24 acres. The unit mix at Cambridge Park consists of 47%two-bedroom units and 53% three-bedroom units,with four floor plansthat average 1,096 sf. All 165 units include washer/dryers, and 62%offering direct-access, two-car garages.

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Kennedy Wilson bought the Cambridge Park property from Montclair8-B, LLC C/O Acacia Capital Corp. of San Mateo, CA, with Joe Leonof the Newport Beach office ofHendricks & Partners and PaulRunkle of Hendricks & Partners' Inland Empire officerepresenting the seller. The Hendricks & Partners brokers notethat the Cambridge Park location benefits from approximately 640feet of frontage on RanchoMonte Vista Avenue, where approximately23,479 cars per day pass by on the major north-south thoroughfarethrough the heart of Montclair. The property is within walkingdistance of the Montclair Plaza regional mall.

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In the Garden Grove deal, Advanced Real Estate Services Inc.reports that it bought the 88-unit Westminster Arms Apartments at13888 Euclid St. with plans for extensive renovations. The projectconsists of 56 two-bedroom units, 16 three-bedroom units and 16one-bedroom units.

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Rick Julian, president of Advanced Real Estate, comments thatthe location and condition of the property make it an idealcandidate for the complete renovations that Advanced plans for thecomplex. Julian calls it "a terrific repositioning opportunity forus" that "fits perfectly in our portfolio." The renovation plannedwill be completed by Advanced's construction division, R³Construction Services.<pFinancing for the deal was arranged byMichael T. Elmore, senior vice president and senior direcctor ofNorthMarq Capital Inc.'s Newport Beach office. The sellerswere represented by Doug Rodermund and Grant Hahn fromMoran-Skenderian Investment Real Estate Group in Newport Beach.

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Advanced Real Estate Services, Inc. is a privately held realestate firm specializing in multifamily investments, developmentand property management and renovations. The Lake Forest-based firmowns approximately 5,500 rental units and 200 acres of developableland, ranking it among the 10 largest apartment owners based inOrange County.

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